Marcie Davies owns operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, capital had a balance of $618,500. During the year, Marcie invested an additional 40,000and withdrew $15,000. For year ended December 31, 2018. Gemini Advertising Services reported a net income of 92,330
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Marcie Davies owns operates Gemini Advertising Services. On January 1, 2018, Marcie Davies, capital had a balance of $618,500. During the year, Marcie invested an additional 40,000and withdrew $15,000. For year ended December 31, 2018. Gemini Advertising Services reported a net income of 92,330
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- Christina Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Christina employs a fiscal year ending May 31. Income from operations before income taxes for Christina was $1,400,000 and $660,000, respectively, for fiscal years ended May 31, 2021 and 2020. Christina experienced a loss from discontinued operations of $400,000 on March 3, 2021. A 20% combined income tax rate pertains to any and all of Christina Corporation's profits, gains, and losses. Christina's capital structure consists of preferred stock and common stock. The company has not issued any convertible securities or warrants and there are no outstanding stock options. Christina issued 40,000 shares of $100 par value, 6% cumulative preferred stock in 2017. All of this stock is outstanding, and no preferred dividends are in arrears. There were 1,000,000 shares of $1 par common stock outstanding on June 1, 2019. On September 1, 2019, Christina sold an additional…Pharoah Corporation, which follows IFRS, began operations on January 1, 2020. For the company's first fiscal year, Pharoah recorded pretax income for accounting purposes of $2,520,000. Depreciation of property, plant, and equipment for financial reporting purposes amounted to $126,000. CCA claimed on the company's tax return was $140,000. Pharoah was subject to a 35% income tax rate. Calculate Pharoah Corporation's taxable income and income tax payable for 2020. Taxable income for 2020 $ Income taxes payable for 2020 24 eTextbook and Media List of Accounts Prepare the journal entries to record the 2020 current and deferred income taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record current tax expense.) (To record deferred tax expense.)ABC Corporation reported the following income and expenses from business for year 2018: Cash sales P 2,000,000 Sales on account 520,000 Advances from customers 400,000 Cost of sales 1,200,000 Operating expenses (30% prepayments) 600,000 How much is the taxable income for year 2018?
- The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: b. Calculate the company's net income for 2019. Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss from discontinued operations, net of tax savings of $8,000 24,000 Provision for income taxes 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 Cost of goods sold 521,000The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales 1,150,000.00 Advertising expense 153,000.00 Commission expense 470,000.00 Office supplies expense 37,000.00 Rent expense 18,000.00 Salaries expense 280,000.00 Utilities expense 49,000.00 Depreciation expense 5,000.00 On January 1, 2019, Rosie Corp. has a 125,000 capital balance. During the year, Casio Corp. invested additional 126,000 and withdrew 280,000. What is the result of the operation of Casio Corp. for 2019? 183,000 profit 138,000 profit 138,000 loss 183,000 lossAccounting For the Year ended December 2019. Alaska company , reported net income of $ 4,200 on revenues of $ 56,000 . Interest expense totaled $ 400 , while preferred stock dividends totaled $ 200 . Average total assets for 2019 were $ 17,500 , and average total liabilities for 2019 were $ 9,000 . Average preferred shareholders ' equity totaled $ 2,000 . The income tax rate is 20 % . 4 The ROCE for Alaska company is A. 32.54 % B. 40.00 % C. 64.61 % D.61.63 %